La notorietĂ degli NFT (non-fungible tokens) sta vivendo nellâultimo tempo una inflessione negativa, non solo tra il pubblico specializzato ma anche fra i meno esperti, che hanno sentito parlare di queste strane âopere dâarte digitali crittografateâ nel 2020, quando questo fenomeno era nella sua fase di massima ascesa. Lâapplicazione di questa tecnologia, resa celebre dalla diffusione (questa sĂŹ, in evidente ripresa) delle criptovalute, al mondo dellâarte digitale e del mercato che intorno a questa si Ăš generato, risente ora delle conseguenze di questa diffusa sfiducia verso lââarte su blockchainâ. Insomma, i celebri cripto-gattini non sembrano essersela mai passata cosĂŹ male come ora. Ă forse giunto dunque il momento di una valutazione del fenomeno NFT che guardi oltre ai sensazionalismi del mercato come anche alle repentine disillusioni. In questo, gli strumenti dellâEstetica ci sembrano i piĂč adatti a uno scopo certo pretenzioso ma necessario, considerando soprattutto che gli NFT hanno generato, che lo si voglia riconoscere o meno, una piccola rivoluzione nel mercato dellâarte. Di questo parliamo nel nostro contributo âNFT: tra esperienza estetica e nuovi mercati dellâarteâ, recentemente apparso sul volume della Milano University Press a cura di Allegra Canepa Il mercato dei non fungible tokens tra arte, moda e gamification. Il contributo raccoglie prospettive diverse â appunto estetiche, ma anche sociologiche, economiche, tecnologiche, etc. â sul mondo cripto.
In the blockchain economy, non-fungible tokens (NFTs), which theoretically reflect ownership of a digital asset registered on a public blockchain like Ethereum, have swiftly grown to be a significant component. This chapter explores the complex world of NFTs in marketing, offering a fair analysis of the potential and present difficulties that exist at this nexus. In the first section, the benefits that NFTs provide to marketing are highlighted. They are shown to be able to raise customer engagement, encourage brand loyalty, and transform digital ownership experiences. The ethical implications of ideas like manufactured scarcity, intellectual property, and cultural effects are examined. In conclusion, the chapter offers a comprehensive framework for understanding NFTs in marketing from the perspectives of risk, reward, and ethics. The chapter provides marketers, investors, and stakeholders with a sophisticated understanding to help them carefully and strategically navigate the complicated terrain of NFTs in marketing by deconstructing these crucial components.
This article undertakes a cross-country empirical analysis of the cryptocurrency regulations from around the world based on a data set drawn from the November 2021 Update of the United States Law Library of Congress report on the regulation of cryptocurrencies around the world. Based on the cross-country information provided in the report, a binary variable was constructed to reflect cryptocurrency regulations in the form of an application of tax legislation and/or anti-money laundering and counter-terrorist financing (AML/CFT) laws at the jurisdiction level. Results of cross-country logit regressions show that cryptocurrency regulation is significantly and positively associated with perceptions of corruption and bribery and significantly and negatively associated with AML/CFT framework and price stability policy.
As emerging digital assets, NFTs are susceptible to anomalous trading behaviors due to the lack of stringent regulatory mechanisms, potentially causing economic losses. In this paper, we conduct the first systematic analysis of four non-fungible tokens (NFT) markets. Specifically, we analyze more than 25 million transactions within these markets, to explore the evolution of wash trade activities. Furthermore, we propose a heuristic algorithm that integrates the network characteristics of transactions with behavioral analysis, to detect wash trading activities in NFT markets. Our findings indicate that NFT markets with incentivized structures exhibit higher proportions of wash trading volume compared to those without incentives. Notably, the LooksRare and X2Y2 markets are detected with wash trading volume proportions as high as 94.5% and 84.2%, respectively.
In the internet's evolution, cryptocurrencies and decentralized platforms represent a significant shift. This chapter explores this shift, emphasizing Ethereum's role in Web 3. As we move from centralized to decentralized systems, Ethereum emerges as a âworld computer.â This chapter explores Ethereum's blockchain and smart contract technology. It clarifies Ethereum and Ether (ETH), highlighting their impact on DeFi and NFTs. Ethereum offers opportunities but also faces scalability and fee challenges. The chapter provides a balanced view, exploring these issues and Ethereum's potential to alter the internet and finance. Readers will understand Ethereum's Web 3 role, its industry implications, and developments enhancing its ecosystem.
This chapter delves into the intricate world of 'ICOnomics', the economics underpinning Initial Coin Offerings (ICOs). We explore the evolution of ICOs, beginning from their rudimentary start in 2013-2014 to the more sophisticated, multimillion-dollar campaigns we see today. The analysis investigates the processes of ICOs, highlighting the importance of a comprehensive White Paper, effective marketing strategies, and the role of bounty programs. It assesses the design and timing of token sales, examining factors such as token distribution and pricing that influence an ICO's success. We delve into the economics of tokens, scrutinizing token types, inflation, and liquidity. Lastly, the chapter underscores the critical role of smart contracts, particularly those on Ethereum, in automating and securing ICO transactions. The chapter seeks to shed light on the success factors of ICOs and their continued evolution.
The aim of this chapter is to extract and analyze transaction data about the non-fungible token (NFT) market, and objectively present its development status, characteristics, and relationship with other crypto assets. Specifically, our research is divided into two major parts. First, we analyze the basic features of the NFT market by selecting five representative NFT tokens, Decentraland (MANA), Axie Infinity (AXS), Theta Network (THETA), Enjin Coin (ENJ), Sandbox (SAND). We describe the evolution and characteristics of NFT tokens and markets through a series of statistical indicators. Second, we examine the spillover effects (or dynamic relationship) between the above NFTs and mainstream crypto assets based on GARCH-type models, including Bitcoin (BTC) as well as Ethereum (ETH) and Solana (SOL), which issue the most NFTs. Overall, while NFTs have already made a significant impact in industries such as art, sports, law, ticketing, digital collectibles, and gaming, they may also expand to financial markets and the digital world at large in the future. However, so far, the NFT market is mainly speculative and is very closely linked to other cryptocurrency markets. Without further optimization and improvement, the potential of NFT cannot be realized.
The aim of this chapter is to provide a brief but substantive history of non-fungible tokens (NFTs) through a thematic approach. It identifies four key themes that have played a determining role in the evolution of NFTs thus far: Leisure & ludic pursuit, the immiseration of artists, the Covid-19 pandemic and a global monetary expansion-contraction cycle, as well as the unraveling of major crypto entities. The chapter argues that, when taken together, these four factors give an incisive view into how NFTs have evolved in such a short span of time, and the chapter thus offers researchers a useful guide for encapsulating the growth of the NFT space.
Abstract The paper examines the possibilities offered by decentralized autonomous organizations (DAOs) for supporting audience participation in the museum sector . DAOs, a type of digital infrastructure underpinned by blockchains and smart contracts, have been seen as informing a more autonomous, self-managing, transparent, and more efficient online organization, one capable of shaping how users participate and communicate with one another. At the same time significant questions have been raised over how DAO technologies complicate the human issues of democracy and shared authority. This paper explores and evaluates the impact of DAO structures in the context of museum participation, specifically viewing them through the lens of shared authority and democracy. It argues that these technologies are capable of offering evidence-based participation, but that this is contingent on access and trust.
Non-fungible tokens (NFTs) are unique digital assets that exist on a blockchain and have provided new revenue streams for creators. This research investigates NFT market inefficiencies to identify claimed cyclic behavior and cryptocurrency influences on NFT prices. The research found that while linear models are not useful in modeling NFT price series, models that extract periodic behavior can provide explanations and predictions of price behavior. The investigation of autocycles in cryptocurrency and NFT markets did not support the existence of Elliott Wave behavior in any of these blockchain enabled assets. Rather NFT price behavior is strongly tied to the underlying asset and its community of fans. These fans commit to periodic bouts of idiosyncratic trading which cools for a while, and then restarts. The research found no evidence supporting whole market effects across the full price series of individual NFTs. The research strongly supports prior findings that the offsetting movements significantly influence NFT prices and trading volume in Bitcoin and Ether. The research found NFT markets exhibit characteristics resembling a social media platform rather than more traditional asset markets like stock exchanges. It found that traditional linear econometric models cannot predict or explain NFT price series, only that NFT price and volume were weakly correlated. Fractal models consistent with Elliott wave theory do explain some of NFT price behavior, but are not consistent or stable over time. This research confirmed prior research findings that Bitcoin and Ether price movements are correlated with general NFT price and volume series in periods of between 24 and 48 h, with significant numbers of trades into and out of cryptocurrencies at 2 and 8 h.
A Non-Fungible Token (NFT) is a digital certificate of authenticity that proves ownership of anything digital such as art, music, and fashion, applying blockchain technology. Due to the growing popularity and high profitability, fashion brands started jumping into the NFT market from which the term âfashion NFTsâ has been emerging. Fashion NFTs refer to blockchain-based virtual fashion items which include garments, shoes, accessories, and all fashion-related articles. Little is known about the fashion NFTs and how they are communicated on the web. Thus, this study aims to explore the overall trends of fashion NFTs, using text mining analysis with Google data.
Negli ultimi anni, la circolazione dei Non-fungible tokens, correlati a opere d'arte, ha assunto particolare rilievo.Il contributo si propone di analizzarne i principali riflessi fiscali alla luce del sistema dell'IVA e delle imposte sui redditi.In recent years, the circulation of Non-fungible tokens related to works of art has taken on particular importance.The contribution aims to analyse the main fiscal implications in light of the VAT and income tax system.
Con l'introduzione dei NFTs si Ăš affermato un nuovo modo di collezionare beni digitali (digital asset), caratterizzati dalla loro scarsitĂ , unicitĂ e specifica individualitĂ economico-sociale che non ne consente la sostituzione e intercambiabilitĂ in rete con altri beni dello stesso genere.In questo campo si Ăš fatta strada quella che Ăš denominata arte crittografica (cryptoart) un genere di arte digitale correlata alla tecnologia blockchain e agli smart contracts.Questo repentino cambiamento, accentuatosi con l'evoluzione tecnologica e con il frequente utilizzo di Internet, ha introdotto uno sfidante dibattito sui principali profili giuridici, regolamentari e contrattuali legati al mondo di NFT e criptoarte.With the introduction of NFTs, in recent years, a new way of collecting digital assets has emerged.These assets are characterized by their scarcity, uniqueness, and specific economic-social individuality that does not allow their replacement and online interchangeability with other goods of the same kind.In this field, what is called cryptographic art (also called cryptoart) has made its way, i.e., a genre of digital art related to blockchain technology and smart contracts.This sudden change, accentuated by technological evolution and the frequent use of the Internet, has introduced a challenging debate on the main legal, regulatory, and contractual issues related to the world of NFTs and cryptoart.Sommario: 1. Introduzione.-2.NFT e l'arte.-3.I profili giuridici e regolatori dei NFTs.-3.1.Gli elementi distintivi dei NFTs.-3.2.I potenziali rischi per i titolari dei diritti.-3.3.Alcuni precedenti significativi.-4.Le regole dei marketplace.
Non-Fungible Token (NFT) is a digital asset whose ownership can be validated and controlled via blockchain technology. NFT market is a rapidly growing field, and the rarity of NFT is an essential factor that affects its price, as scarcity leads to higher demand. This study focuses on BAYC NFT collection which is a successful and representative collections of Profile Picture NFT and analyzes how rarity affects NFT prices. This paper investigates the relationship between the rarity and price of BAYC NFT collection using Formal Concept Analysis (FCA) method. The results show that rarity is a major factor influencing the prices of NFT, and the effect is more apparent in the medium rarity range. When rarity is very high or very low, other factors become significant determinants, such as the uniqueness and appeal of NFT, and even naturalness of NFT images. This research highlights the importance of considering rarity when assessing NFT and underscores the need for a comprehensive evaluation of NFT rarity. This study also provides valuable insights into the NFT market and can be useful for NFT investors, creators, and collectors. Furthermore, the usefulness of FCA as a tool for quantifying NFT rarity and evaluating NFT price was demonstrated.
This document explores the existence of art within and outside of the market and institutions. It provides a historical overview of the art market, highlighting the emergence of commercial art galleries and the current $60 billion art industry. The impact of digital art and Non-Fungible Tokens (NFTs) on the art market is discussed, including their growing popularity and challenges. The role of art outside the market is emphasized, focusing on its potential for social change and activism. The document concludes by questioning the value of art and the interplay between art and commerce. It highlights the fluidity between art within and beyond the market, showcasing artists like Bansky who challenge the traditional art market and use their art for political activism. The document also delves into the influence of online platforms and digital arts on the art market, including the rise of NFTs and their impact on valuation. Overall, the document provides a comprehensive exploration of the multifaceted nature of art and its relationship with the market and institutions.
In this paper, we conduct a portfolio analysis based on the lottery-like characteristics of cryptocurrencies to examine return predictability. Our results show that cryptocurrencies with higher lottery-like characteristics exhibit lower one-month ahead returns. This phenomenon, known as the lottery-like effect, suggests that investors overvalue cryptocurrencies with stronger lottery-like traits, leading to lower future returns. Moreover, the effect persists over longer horizons, and the results remain robust after controlling for other crypto-asset characteristics.
The paper presents the possibilities of applying blockchain technology and smart contracts in the rent-a-car sector of tourism. Special attention is given to the implementation possibilities of smart contracts in the rent-a-car industry. The application of smart contracts in this sector can be a key factor contributing to the sustainable development of tourism by promoting ecological practices and responsible behavior among travelers.
Abstract Asset tokenization, a financial practice that generates tokens based on distributed ledger technologies such as blockchain, is a representational practice in which token issuers establish artificially devised sign relationships between tokens and assets, despite some issues and complexities of blockchain. Human confidence in this practice is critical for its successful implementation. This article suggests that human confidence in blockchain is supported and circulated by the doxa of blockchain, which the article frames as a linguistic phenomenon where people talk more about how to use a given object than about the object itself. By paying attention to the artificially devised sign relations between tokens and assets and confident stance-taking toward blockchain by users, the article argues that a linguistic approach is necessary to understand how human confidence makes asset tokenization happen.